Provexis renews £25m funding deal with Darwin

SPORTS nutrition and medical food developer Provexis has renewed its £25m three year equity financing deal with investor Darwin Strategic.

The company, which has its research and development facility in Liverpool and acquired Blackburn-based Science in Sport in June, said the new deal was more flexible and favourable than the original arrangement with Darwin announced in March 2010.

Provexis said the facility could be drawn down at any time over the next three years, with the  timing and amount of any draw down at its discretion.

Provexis can make as many draw downs as it wishes, up to the total value of £25m by way of issuing subscription notices to Darwin.

After the delivery of a subscription notice, Darwin will subscribe and Provexis will allot to Darwin new ordinary shares of 0.1p each.

The subscription price for any shares to be subscribed by Darwin under a subscription notice will be at a 7.5% discount to an agreed reference price determined during 5, 10 or 15 trading days following delivery of a subscription notice.